Smart Cities Market Growth at 25.7% CAGR by 2031 Rising Emergence of Smart Solutions for Buildings

WESTFORD, MASSACHUSETTS, UNITED STATES, August 12, 2024 /EINPresswire.com/ -- Smart Cities Market size was valued at USD 692.61 Billion in 2022 and is poised to grow from USD 870.61 Billion in 2023 to USD 5426.3 Billion by 2031, growing at a CAGR of 25.7% in the forecast period (2024-2031).

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Smart City is an initiative that uses information and communication technology (ICT), promotes and promotes sustainable urban development. The emergence of smart solutions for housing and transportation is driving market revenue growth. Smart cities encourage mixed land use for unplanned areas, providing a variety of facilities in one place and helping to optimize the use of existing space, with hardware components such as chips, sensors, actuators and software solutions such as user interfaces (UIs) are implemented networks, and Internet of Things (IoT) devices. Additionally, government initiatives and implementation of PPP policies to deploy smart cities, the internet (IoT), and automation increase market revenues Increased analytics, and technological advancements so delivered by leading suppliers, improves user experience and increases market share. Governments around the world are also working to improve rail networks by emphasizing smart cities as urbanization increases. The demand for smart railways is increasing due to urban cities and high demand for long-distance high-speed trains. The growth of the logistics sector for on-time delivery is due to the significant increase in long-distance shipments and transactions.

On the other hand, privacy and security are key factors affecting smart cities design. The initial cost of implementing smart solutions is very expensive, and the lack of clearly defined policies prevents adoption, hindering market revenue growth.

Transformative Impact of Emerging Technologies on Smart Cities: Al, ML, cloud, data analytics, loT, cyber security are some of the emerging technologies that have been growing rapidly in the last few years due to their widespread adoption in the smart city environment.

In January 2024, Honeywell created a new platform that manages some facility management services. For buildings, it’s called advance control. It also has a built-in cybersecurity system, good connectivity to the web and a solution to make the building smarter, safer and more environmentally friendly Apart from that, Honeywell also said the new plan will increase calls for more efficient and less crowded housing.

Smart Cities Market Top Player’s Company Profiles

• Cisco Systems, Inc.
• IBM Corporation
• Intel Corporation
• Siemens (Germany)
• Microsoft (US)
• Hitachi (Japan)
• Schneider Electric (France)
• Huawei (China)
• NEC (Japan)
• ABB (Switzerland)
• Ericsson (Sweden)

Technological Integration and Economic Growth in Next 4-5 Years

The following are the key Smart Cities Trends that will shape the growth of the market in the next 5 years

Over the next 4-5 years, the smart cities market is expected to witness significant growth driven by technology integration. Key developments will include the widespread adoption of digital twins, AI and IoT, which will drive city management and sustainable development efforts. The push for advanced infrastructure and competitive markets is likely to lead to greater investment in smart transport, smart buildings and smart services.

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Segments covered in Smart Cities Market are as follows:

• Smart Transportation
o Offering (Solutions [Smart ticketing, Traffic management {Parking management, Traffic surveillance}, Passenger information, Connected logistics, Others], Services [Consulting, Deployment & integration, Infrastructure monitoring & management]), Type (Roadways, Railways, and Airways)

• Smart Building
o Offering (Solutions [Building Infrastructure Management {Parking Management System, Smart Water Management System, Elevators And Escalators Management System}, Security & Emergency Management {Access Control System, Video Surveillance System, Safety System}, Energy Management {HVAC Control Systems, Lighting Systems}, Network Management, Integrated Workplace Management System], Services [Consulting, Deployment & Integration, Infrastructure Monitoring & management]), Type (Residential, Commercial, and Industrial)

• Smart Utilities
o Offering (Solutions [Advanced Metering Infrastructure, Meter Data Management {Meter Data Analytics, Smart Meters, Others}, Distribution Management System, Substation Automation, Others], Services [Consulting, Deployment & Integration, Infrastructure Monitoring & Management]), Type (Energy, Gas, Water, Others)

• Smart Citizen Service
o Smart Healthcare (Medical Devices, Systems & Software, Services), Smart Education (Solutions, Services), Smart Public Safety (Solutions, Services), Smart Street Lighting, and E-governance (Solutions, Services)

Government Services and Environmental Solutions

Governments around the world are increasingly investing in smart urban technologies to curb pollution and make better use of renewable energy. This trend will continue, with a focus on environmental solutions such as smart waste management and virtual power plants. These projects will drive demand for smarter resource management and transportation solutions, improve efficiency and reduce environmental impact.

Real Smart Cities Early in the Morning in Next 10 Years

In the next decade, smart cities will evolve into fully integrated ecosystems with AI and IoT seamlessly embedded in urban infrastructure. This will create a more efficient and effective urban environment and raise the residents' standard of living. Attention will shift to building inclusive communities that harness the full power of technology to solve social, economic, and environmental challenges.

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Building the Future of City Life

The smart cities market is going through a period of transformation, characterized by the integration of sophisticated technologies, innovative urban design, greater emphasis on sustainability and improved infrastructure, high levels of comfort and the positive outcomes of improved living standards for society are just some of the positive outcomes expected from these changes to be made.

Government policies and technological advances will drive significant growth, especially in areas including smart transportation, infrastructure and environmental solutions. This ongoing transformation assures the setting of new standards for urban development, creating a more connected and greener destiny for urban dwellers around the world.

Smart City is an initiative that uses information and communication technology (ICT), promotes and promotes sustainable urban development. The emergence of smart solutions for housing and transportation is driving market revenue growth. Smart cities encourage mixed land use for unplanned areas, providing a variety of facilities in one place and helping to optimize the use of existing space, with hardware components such as chips, sensors, actuators and software solutions such as user interfaces (UIs) are implemented networks, and Internet of Things (IoT) devices. Additionally, government initiatives and implementation of PPP policies to deploy smart cities, the internet (IoT), and automation increase market revenues Increased analytics, and technological advancements so delivered by leading suppliers, improves user experience and increases market share. Governments around the world are also working to improve rail networks by emphasizing smart cities as urbanization increases. The demand for smart railways is increasing due to urban cities and high demand for long-distance high-speed trains. The growth of the logistics sector for on-time delivery is due to the significant increase in long-distance shipments and transactions.

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